一线白酒戴维斯双击推动食品饮料 1H17 涨幅居市场前列，降估值拖累非一线白酒和非白酒。预计 2H17 年食品饮料行业营收增 8-12%，继续呈现消费小复苏，但机会或将分化明显，兲注四选股策略：抱团取暖和比价敁应下，低估值蓝筹仍有机会，看好小周期向上的伊利、双汇，以及报表增速较好、估值仍不贵的茅台、洋河。

A kegerator, also known as a beverage dispenser, is a refrigerator that can store and dispense kegs of draft beer and other beverages. The word kegerator is originated by combining two words: keg and refrigerator. A keg is kept in a refrigerated environment and CO2 is used to pressurize and dispense the keg. Therefore, the content kept in the keg remains carbonated and fresh for an extended period of time, generally a couple of months.

Aseptic packaging is the packaging of products in the aseptic environment in presterilized containers, to prevent the products from contamination and maintain freshness for a long period of time. Aseptic packaging involves flash pasteurization of products to retain their original aroma, texture, and organoleptic characteristics and contains no preservatives or additives. The containers are sterilized by chemical, heat,or gamma ray treatment. The containers can be pouches, bags, ampules, vials, or prefillable syringes and can be of different dimensions. They have a shelf life of more than two years. Dairy, food and beverage, and pharmaceutical and healthcare sectors are the key customers of aseptic plastic packaging products.In this report, Technavio covers the present scenario and growth prospects of the global aseptic packaging market for 2017-2021. To calculate the market size, the report considers the revenue generated through different applications of aseptic packaging and types of aseptic packaging.

 月 12 日-6 月 16日，食品饮料行业（-0.9%）跑赢沪深 300 指数（-1.6%）。平安观测食品饮料子板块中，高估值类（2.4%）、肉制品（2.2%）、葡萄酒（1.4%）、其他类（0.0%）涨幅最大。过去一周，高估值类继续高歌猛进，肉制品、葡萄酒涨幅较大，主要由于前期深跌股持续修复带动股价上涨。

上市白酒企业景气向上趋势再次得以确认，2017Q1 白酒板块收入、归母净利同比分别增长 18.5%、15.2%，2016Q4白酒板块收入、归母净利同比分别增长 22.6%、11.8%。1）贵州茅台：自 5 月 3 日茅台高层召集全国经销商联谊会长及经销商代表召开紧急会议以来，飞天茅台一批价稳定在 1199 元，但经销商观望气氛浓厚，由于终端门店供给紧张，部分终端价已突破 1300 元。

食品饮料上半年整体走出震荡上行走势，上涨 16.51%，跑赢沪深 300 指数 8.11个百分点，在申万一级行业中排名第 2 位，仅次于家用电器板块的表现。白酒以 35.91%的涨幅领涨二级板块，乳品（9.64%）、调味品（4.3%）涨幅居前。随着板块上涨，食品饮料估值中枢逐步回升，但整体估值依然不高，可关注其中安全边际较高的优质品种。开源食品年策略投资组合涨幅 25.14%，跑赢申万食品饮料指数 8.63 个百分点。 

Functional foods and beverages are those foods and beverages to which special ingredients are added so that they provide additional health benefits. Regular food items such as cereals, bread, yogurts, snacks, and beverages are converted into functional foods by fortifying them with vitamins, herbs, or other nutrient-rich ingredients. The common ingredients that are added to functional foods and beverages include probiotics, prebiotics, and plant stanol and sterol. Several factors are supporting the growth of the global functional foods and beverages market. The growing awareness of the benefits of functional foods is one such factor. Another major factor driving the growth of the market is the increased demand for probiotic products.

The demand for craft beer is increasing in Europe, and this will influence the growth of the market positively during the forecast period. Due to the increasing demand for craft beer, the number of craft breweries is also increasing in Europe.The exit of the UK from the European Union will affect the growth of the market due to the devaluation of pound. The players in the market will have to rely more on local beer production as imports could be costly.More number of consumers now prefer having beer in the confines of their homes.

This is increasing the sales of beer through off-trade channels. This trend is expected to continue during the forecast period.The demand for low/non-alcoholic beer is growing due to increasing health consciousness among consumers. This factor will drive the growth of the market during the forecast period.

阿里渠道五月增速回升至 30%，平均客单价在 143 元。具体到品牌上，茅台（+65%，增速略有下滑主要是因为缺货问题）、古井贡（+242%）、洋河（+137%）、水井坊（+115%）的增速远超行业水平，五粮液增速有所恢复。预调鸡尾酒 RIO 增速保持在 50%以上，5 月增速提升至 72%，终端渠道调研显示线下动销有明显好转，市场表现相对稳定。 

In the US food and beverage market, private labels are no longer seen as supplying low-cost and low-quality products, but as credible and viable alternatives to national brands. People look for value for money, irrespective of whether the product is being offered by a national brand or a private label. Private labels are traditionally more successful in segments where product differentiation is low, such as meat products and fresh produce items.In this Technavio report, we cover the present scenario and the growth prospects of

the private-label food and beverage market in the US for 2016-2020.